Zando.co.za, South Africa's largest fashion e-commerce retailer, announced today an investment of €20 million by Summit Partners. The growth equity investor will take a stake in Zando.co.za through its German holding company.

Founded in 1984, Summit is a leader in growth equity and credit investing for fast-growing companies. Summit Partners has invested in more than 350 rapidly growing businesses across North America, Europe and Asia, and has raised nearly US$15 billion since inception. "We seek to invest in companies that build long-term value, and Zando.co.za has shown dynamic growth in a short period of time," said Scott Collins, a Managing Director and head of the Summit Partners London office.

"We are excited to be joined by an investor that shares our vision and belief in the huge potential for the South African market," said Manuel Koser (Managing Director and Co-founder). "With the ubiquitous convergence of technologies, feature phones, smartphones, tablets and desktops with dedicated connectivity, internet accessibility is maturing." Internet penetration is forecasted to hit 20% in 2013 in South Africa as the number of experienced internet users increases.

Zando.co.za is ranked as one of the top five B2C e-commerce sites in South Africa. Launching with a footwear category on the 23rd of January 2012, it now offers clothing, beauty and accessories. "Our current offering of over 400 brands and 10 000 products online, positions us as a leading fashion ecommerce website in South Africa," said Peter Allerstorfer (Managing Director and Co-founder).

ABOUT ZANDO

ZANDO.co.za is a leading online fashion store offering choice and accessibility to South African consumers. With thousands of products and hundreds of brands featured online, you'll be spoilt for choice. Enjoy incredible benefits such as free and fast delivery nationwide and immediate returns upon delivery. This secure online store has multiple payment methods to choose from (Cash on delivery, Electronic funds transfer, Credit Card, Debit Card and eBucks).

Launched on the 23rd of January 2012, Zando.co.za today offers hundreds of brands and thousands of styles selected from South African and international fashion houses. With multiple secure payment methods and free delivery within South Africa, it is fast becoming a leader within the retail e-commerce sector. It launched with a staff complement of four people; just over seven months later, the company today employs more than 200 people and is based in Cape Town, South Africa. It is led by its two Managing Directors and Co-founders Manuel Koser and Peter Allerstorfer. The initial ignition of the company was supported by Rocket Internet - the European incubator of internet startups. According to global web metrics provider Alexa.com, Zando.co.za is currently ranked as one of the top five B2C e-commerce sites in South Africa.

ABOUT Summit Partners:

Summit Partners (http://www.summitpartners.com) is a growth equity firm that invests in rapidly growing companies. Founded in 1984, Summit has raised nearly $15 billion in capital and provides equity and credit for growth, recapitalizations, and management buyouts. Summit has invested in more than 350 companies globally in the technology, healthcare and other growth industries. These companies have completed more than 125 public offerings, and in excess of 130 have been acquired through strategic mergers and sales. Summit Partners has offices in Boston, Palo Alto, London and Mumbai. Notable Internet and new media investments made by Summit include Answers, Bigpoint, NameMedia, Ogone, optionsXpress, Tiny Prints, vente-privee.com, WebEx Communications and Web Reservations International.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Services Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20-22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.